Delayed action though leads to speculation and uncertainty as was shown in the past few weeks. Nothing changed in the Italian economic policy since friday last week, but monday and tuesday brought deep losses and the Italian BTP bonds reached the highest spread against the Bund in recent history. Today, 3 days later, Italy is back to a less crazy spread (still pretty high) and _nothing_ changed in its policy, 100 base points less over 300 in 3 days is pretty crazy.

The problem is not an economic problem but a political one. The cost of Greece bailout is a rounding error in Europe's total budget, the test ahead is about how the EU can start unifying the economic policy and grow more cohesively.

Lots of countries gave up monetary control power but without a unifying economic government body it's absolutely impossible for the weakest links to survive with all their issues without some help.

Lack of real unification is the problem, not economy per se. I think this is your point somewhat, am I right?